Singapore Increases Scrutiny on Commodity Trading and Marketing Companies
In an article published by the International Tax Review, our Director of Transfer Pricing, Dr. Sowmya Varadharajan discusses what commodity marketing and trading companies could look into to defend their transfer prices given the increased scrutiny of the Inland Revenue Authority of Singapore on transfer pricing in the commodities sector.
BEPS 2.0 and COVID-19: A New World Order for Transfer Pricing?
The last decade was defined by a range of international tax and transfer pricing developments, which came about due to the Base Erosion and Profit Shifting (“BEPS”) Action Plans by the Organisation for Economic Cooperation and Development (“OECD”).
Now the COVID-19 pandemic is further impacting a business’ transfer prices, analysis and documentation. The effect of the BEPS action plans and the current economic uncertainty is likely to increase the scrutiny of related party transactions by tax authorities. Hence, companies with significant cross-border related party transactions should think about the broader implications of their business decisions and consider taking appropriate actions.
Programme Outline:
- What are the complexities of transfer pricing due to BEPS 2.0 and COVID-19?
- How do you modify your transfer pricing framework to adapt to prevailing circumstances?
- How do you maintain contemporaneous documentation amidst the challenges?
- What are the common pitfalls to avoid to manage transfer pricing risks?
This webinar is suitable for:
- C-suite executives,
- Business owners,
- Accounting, Banking, Finance, Legal, IT and Trust professionals, and
- Tax practitioners.
Presenter
Director, Transfer Pricing
Having been trained in the U.S. on international tax and transfer pricing issues through blue-chip corporations, Dr. Sowmya now applies her transfer pricing training to transfer pricing issues in the Asia Pacific region. With the growth in transfer pricing related audits in the Asia Pacific region, Sowmya has assisted clients in India, China, Malaysia, Indonesia and Singapore in defending their transfer pricing arrangements with tax authorities.
